BoyGeniusReport revives earlier rumors that Apple and Jay-Z will be forming a record label around iTunes. They now expect this new record label to be launched at Macworld Expo 2008. This incarnation of the rumor, however, eliminates Beyonce's involvement.
The new report claims that a "high-up person" associated with Jay-Z has confirmed that plans are "a go". BoyGeniusReport had previously discounted the July rumors based on a source close to both Jay-Z and Beyonce. Jay-Z recently stepped down as president of Def Jam records after his contract expired on December 31st, saying that "it's time for me to take on new challenges."
In February 2007, Apple, Inc finally settled with Apple Corps and won rights to all trademarks related to "Apple". As a result, Apple, Inc would have no legal hurdles preventing it from fully entering the music industry.